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Compliance Officer Awarded $1.5 Million by SEC Whistleblower Program

The Securities and Exchange Commission (SEC) announced its second award to a whistleblower with internal audit or compliance responsibilities.

Specifically, the SEC will award a compliance officer whistleblower between $1.4 million and $1.6 million for providing information to the SEC that may have prevented significant financial harm to investors in the company that employed the whistleblower. The SEC announced its first whistleblower award to a compliance professional in August 2014.

“When investors or the market could suffer substantial financial harm, our rules permit compliance officers to receive an award for reporting misconduct to the SEC,” said Andrew Ceresney, Director of the SEC’s Division of Enforcement.  “This compliance officer reported misconduct after responsible management at the entity became aware of potentially impending harm to investors and failed to take steps to prevent it.”

The SEC issues awards to whistleblowers for original information that leads to an enforcement action which results in sanctions greater than $1,000,000. The SEC awards whistleblowers between 10% and 30% of the monetary sanctions.

If you would like more information on whistleblower awards or other news, please click here and fill out the form.

 


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